Ripple’s native cryptocurrency XRP came under tremendous pressure this month as the digital-market asset is facing serious tension as Bitcoin plunged to the $62,000 level. Leading altcoins remain in the deep red, and XRP has fallen to a low of $1.06 during the weekend but managed to briefly recover from the slump. Uncertainty is high, and traders have now tightened their purses, fearing another market crash.
On the heels of the downturn, leading cryptocurrency analyst Egrag Crypto took to X, sharing a chart claiming that XRP is now in the Oversold zone. He stressed that the sudden price correction came from excessive selling pressure stemming from the US-Iran talks. The analyst claimed that Ripple’s token may be undervalued in the short term but is due for a price reversal.
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Should You Buy XRP Now Despite the Cryptocurrency Market Being Under Pressure?
Taking an entry position now could be beneficial as XRP could bottom out in the charts. Also, only those who are risk-averse are advised to closely monitor the token in the coming days. The conflict in the Middle East took a new direction on Monday as Iran launched a wave of missiles into Israel, targeting air bases and a Mahshahr petrochemical plant. This signals that the conflict is far from over, and Israel could also launch a retaliatory attack.
The Asian stock market reacted strongly to the development, with three leading indexes seeing sharp corrections. Japan’s Nikkei fell the most, shedding 5% in value and losing 3,000+ points. India’s Sensex also plunged more than 500 points, and Hong Kong’s Hang Seng fell 400+ points. The broader US stock market could also open in the red on Monday due to the situation. Therefore, in these testing times, an entry position into XRP can be made only for those who can afford to lose money.
Also Read: XRP Millionaire Prediction: Did You Buy Below This Price?
